Innovation Name: International Insta Remit
Category: Innovation in Banks
Company: Social Islami Bank Ltd.
The content of this case study was written by the representatives of Western Union Bangladesh.
- Bangladesh intra payment system has grown drastically when transfers are made between Banks, Wallets and Cards real time
- International Remittances to Bangladesh has also evolved with NPSB, BEFTN etc.
- But International Remit from Bangladesh to world is still not developed and Correspondence Banking and Demand Drafts are been used
- Resulted in customer inconvenience, due to high cost, transfer time, uncertainty of fund transfer
- Which piqued customers to look for alternative options like Hundi
- Formal Outbound Market (C2C/C2B): $200 MN, Informal Market: $800 Million
Address the key customer pain points for International Remit from Bangladesh
- Real Time transfer (Money in Minutes).
- Funds out option – Cash, Bank Account, Mobile Wallet, Cards
- Lower Charges and Transparency
- No corresponding Banking charges
- Settlement in Multiple Currency
- Easy Cancellation
Leverage the capacity of a Global Fintech & Money Transfer Company, with a state of art product development to meet customer & regulatory expectation and mitigate the current customer pain points.
- Identification of the scope under FED GEFT Guideline of Bangladesh Bank for Realtime C2C / C2B Transfer.
– Student Payment – Insta Edu Remit
– Medical Payment – Insta Medi Remit
– Expatriate Payment – Insta Family Remit
- Regulation change of the Central Bank with special approval to SIBL to execute the service through Western Union.
- Develop a Gateway & Host to Host solution by connecting 200+API of Western Union with SIBL core banking system.